109Update of business plan

#### 109 Update of business plan (1) A participant must provide the Secretary with an update of the business plan provided by the participant with the participant’s application for registration under ACIS. First update if participant registered in the first quarter of a year (2) If a participant’s registration takes effect in the first quarter of a year, the participant must provide the first update within the time allowed under subsection 35(1) for providing a third quarter return in respect of that year. > Note: Under subsection 35(1), a participant’s return for a quarter must be provided within 45 days, or such longer period as the Secretary allows, after the end of the quarter. First update if participant registered after the first quarter of a year (3) If a participant’s registration takes effect after the first quarter of a year, the participant must provide the first update within the time allowed under subsection 35(1) for providing a third quarter return in respect of the year following the year of registration. Later updates (4) After a first update has been provided, later updates must be provided by a participant in each ACIS year after the year in which the participant is required to provide a first update. Each update must be provided within the time allowed under subsection 35(1) for providing a third quarter return in respect of that subsequent year. Period update must cover (5) Each update must cover the 5 year period starting on 1 January of the year next following the date by which it is to be provided under this section. Meaning of terms used in this section (6) In this section: > first quarter means the period of 3 months commencing on 1 January of a year. > third quarter means the period of 3 months commencing on 1 July of a year.